Team size: Approximately 185

What are the most significant cases or transactions that your legal team has recently been involved in?

In the past year, we were – again – called on to support a UK crisis response. In the days and weeks immediately following the Russian invasion of Ukraine, we had to work at pace with our bank, and Financial Conduct Authority (FCA) colleagues, to support the UK Government on the development of a sanctions package, as well as advising on the broader implications of the invasion for the Bank of England’s statutory objectives.

We continue to support the bank’s exploratory work on several fintech projects, including a consultation paper on a potential UK central bank digital currency, to be published in 2022. We also advised on the development of a framework for regulation of systemic stablecoins and on regulation of crypto assets.

Legal department and bank colleagues worked closely with HM Treasury and the FCA on the financial services and markets bill, introduced in Parliament in July 2022, including on the Future Regulatory Framework (FRF). The FRF will adapt the regulatory framework for financial services to reflect the UK’s position outside the EU, and it expects that regulators will take responsibility for several areas currently regulated by retained EU law, and reforms statutory accountability mechanisms.

How do you suggest in-house lawyers build strong relationships with business partners?

We consider the key to unlocking strong relationships is understanding the objectives and constraints of clients’ projects or initiatives. This enables legal advice, which is focused on enabling the bank to achieve its public policy objectives within its risk tolerance.

We build relationships by participating in management initiatives that develop bank operations and culture. Recent examples are a cross-organisation revision of performance management, and ongoing work on a bank northern hub.

Fundamentally, the bank’s values underpin our service delivery, being collaborative, inclusive, empowering, decisive and open with clients. We also promote the bank’s values through close involvement with diversity and inclusion initiatives.

How has the increasing consciousness of climate change and sustainability affected your company and the team’s priorities?

The Bank of England’s views on climate change focus on protecting UK residents by maintaining monetary and financial stability. One example is our support of the recent Task Force on Climate-Related Financial Disclosures, and the second round of our climate biennial exploratory scenario, which explored the financial risks posed by climate change for the largest UK banks and insurers.